Perrigo Co., a large generic pharmaceutical company with global headquarters in Dublin, Ireland and North American operations based in Allegan, Mich., has acquired Grand Rapids store brand oral care manufacturer Ranir for $750 million. Perrigo also sold its animal health products business to Idaho’s PetIQ for $185 million.
Perrigo’s acquisition of Ranir brings together two similar organizations and expands Perrigo’s offerings into the oral health market.
“Affordable self-care has never been more important as we face ever-increasing healthcare costs,” says Rich Sorota, president and CEO of Ranir. “We’ve worked hard over the past several years to execute a comprehensive growth plan to advance our purpose of ‘delivering millions of affordable, healthy smiles’ every day.
“Our two companies are immensely complementary and aligned in our greater purpose and mission,” he continues. “Our combined talents, scale, global presence, innovation, and understanding of self-care will help support not only our local communities, but also our suppliers, retail partners, and their consumers. This ultimately enables us to better pursue our purpose worldwide.”
Ranir products, which include dental floss, manual and electric toothbrushes, mouthwash, and Rembrandt toothpaste, are sold at more than 150,000 store front and online retailers in more than 50 countries.
Murray S. Kessler, president and CEO of Perrigo, says, “The addition of Ranir to the Perrigo family illustrates a key component of our new strategy; accelerating growth by pursuing adjacent self-care categories. I can’t emphasize enough the opportunity we believe that exists by combining these two companies that are so closely aligned. This is highlighted by their geographic proximity, scale in store brands, leading market shares, strong and complementary customer relationships, a focus on quality, similar company cultures, and a shared belief in the opportunity presented by the self-care mega-trend. We expect this strategic combination will enhance shareholder value.”
Perrigo manufactures and markets generic prescription medicines and over-the-counter products for cold, cough, and allergy; pain relief; smoking cessation; gastrointestinal issues; personal care; and infant nutrition.
The divestiture of the animal health product business, “helps us focus our portfolio on the consumer self-care market,” Kessler says. “In PetIQ’s hands, we have no doubt the animal health business will be in a strong position to execute on its strategy.”